How long does the closing process take? Let’s take a closer look at the truth behind this question.
People often ask, “How long does it take to close on a house?”
The current national average is about 50 days, but there are a few things that can either slow down or speed up the closing process.
Let’s start by examining things that can slow it down.
1. Having poor communication. This is particularly relevant when it comes to communication between the buyer and lender, as this can slow down the financing process.
2. Having appraisal issues. This can slow, or even halt, the transaction.
3. The presence of contingencies. If a contingency in the contract dictates that the buyer has to sell their current home before they can proceed with the purchase, this can greatly slow down the transaction.
Now let’s discuss some things that can speed the process up.
1. Getting the title early. If you have a good listing agent, they will help you do this.
2. Giving money in lieu of repairs. Sometimes buyers will ask for a long list of repairs to be completed. To speed things up, I recommend simply lowering the price of the home or offering money in lieu of repairs.
3. Having good communication between all parties. I highly recommend working with expert professionals throughout your real estate transaction. These professionals should be able to facilitate seamless communication and a smoother process in general.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.